Stock markets have stabilized and the ruble – no
Analysts at FxPro as repeatedly noted earlier, investor sentiment regarding the Russian currency has changed fundamentally since the beginning of August.
In the end, adds ruble 35 kopecks in the middle of the day on Friday, reaching 65.40. Push down that happened the day before, did not develop, and the pair failed to return to levels below 65. EURRUB adds 56 cents, reaching 73.29. Attempts of the pair to go below 73 by the close of Thursday was successful, but it was not so easy to hold.
Today does not help the Russian currency even the fact that oil prices stabilised after touching the lows from January and stabilized at 57.50. Moreover, commodity currencies, namely Australian, canadian and new Zealand dollars also confidently added the last day. It turns out that now the pressure on the ruble have not only news on oil.
This situation can be attributed to the fact that world markets have suspended recovery, undermining demand for risky assets. However, one should note that growth stocks should not mislead: the global foreign exchange market continues to show large-scale demand on protective, not on earning assets.
The ruble has been the favored tool of those speculators who sought to capitalize on the higher yield of bonds in rubles. Now, apparently, this trend has exhausted itself: the Bank of Russia cuts interest rates and risks in global markets rose sharply. In these conditions, when investorami practically soar in the mood “not to fat-be alive”, begins a wave of profit-taking, and brief moments of improvement in market sentiment are used in order to sell the ruble is on the rise.
The material is provided,